Mortgage Market Share Report – September 2013

An Emphasis on Process

We think a lot about processes here ? a lot. Our need to be better at what we do drives us to continually question and improve our processes so that we always provide The Premier Title and Closing Experience.

In the coming months all of us are going to be thinking about our processes as they relate to regulatory compliance. (I know that many of you wish that you could stop thinking about regulatory compliance!) The final rule combining the current Truth in Lending and RESPA disclosure paradigms is expected from the Consumer Financial Protection Bureau (CFPB) before year?s end. Twelve months ago, a proposed rule was one thousand ninety five pages long. I?m hoping the final rule is a shorter read, but who knows?

It seems clear that providing borrowers with a completed final (as in few or no changes permitted) closing disclosure (that?s what we now call a HUD-1) three days prior to closing will make the cut in the final rule. As will tighter tolerance requirements and increased transparency. Whether we get six months to comply or twelve or eighteen, comply we must.

The regulatory changes, although likely disruptive in the short term, are also an opportunity. The newer, more difficult performance expectations that come with the new rule will challenge us to question and validate many of our assumptions about what we can and cannot accomplish.

At John Bethell Title we will not spend any time worrying about why we have to change. We can?t control that. We will spend a lot of time thinking about our processes, your processes and how they work together. We will seek to find ways to be profitably compliant?and find ways to help you do the same.

That?s our pledge! Every single day!